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TMI Blog2015 (8) TMI 772X X X X Extracts X X X X X X X X Extracts X X X X ..... and the same to be scrutinized and certified by statutory auditors and approved by the company in general meeting and thereafter to be filed before the Registrar of Companies who has a statutory obligation also to examine and be satisfied that the accounts of the company are maintained in accordance with the requirements of the Companies Act. Subsection (1A) of section 115J does not empower the Assessing Officer to embark upon a fresh enquiry in regard to the entries made in the books of account of the company. Also see Adbhut Trading (2011 (7) TMI 716 - Bombay High Court) - the question as proposed does not give rise to any substantial question of law. - Decided against revenue. - Income Tax Appeal No. 1609 of 2013 - - - Dated:- 12-8-2015 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1961, has only the power of examining whether the books of account are certified by the authorities under the Companies Act as having been properly maintained in accordance with the Companies Act. The Assessing Officer, thereafter, has the limited power of making increases and reductions as provided for in the Explanation to section 115J. The Assessing Officer does not have the jurisdiction to go behind the net profits shown in the profit and loss account except to the extent provided in the Explanation. The use of the words in accordance with the provision of Parts II and III of Schedule VI to the Companies Act in section 115J was made for the limited purpose of empowering the Assessing Officer to rely upon the authentic statement of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egra. Moreover, if the grievance of the revenue is to be accepted, then the conclusiveness of accounts prepared and audited in terms of Section 115JB of the Companies Act would be set at naught. This without successfully impeaching the Auditor's certificate or without the Registrar of Companies holding that the accounts have not been prepared in accordance with the provisions of the Companies Act. 4. Mr.Chhotaray, learned counsel for the revenue submitted that Apollo Tyres Ltd. (supra) was dealing with Section 115J of the Act, while this appeal deals with Section 115JB of the Act, therefore not applicable. However, we do not find any such distinction which could warrant the Assessing Officer ignoring the decision of the Apex Court in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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